Bank of America Secured Card

[rheanick 42]

My wife was able to get a card right away through her work as they have a bank for their employees, not to say you have that ability. But they said that the thing to do to increase the amount you can have for a line of credit is to be a prompt payer of balances.

pay them off before interest is accrued, and it will quickly be noted in your history as being assertive, and is looked upon as being a secure credit holder which is very important right now considering the fact that foreclosures, and such are at an all time high. It is unfortunate at the same time that banks can now change interest rates, and dividends at their leisure without prior warning with the new guidelines, and loan security requirements.

So shop around, and constantly monitor the rate as it can change.

This is the same advise my husband told me. For credit building, it helps a lot if I pay my dues ahead of time. Thank you.

[rheanick 42]

I think you did just fine with that decision. I would also suggest joining our own, local, Arizona Federal Credit Union. You only need deposit $25 to start a savings account with them. Since they are run for their members, they're rates are lower, and it's generally easier to deal with them on loans and other accounts. It's nice to get a montly dividend into my account, also. The more you have on deposit with them, the higher the dividend.

Just a thought...

Great! I woudl read more and PM you. Thanks for the input.

[Angela & Paul 12]

Angela just got approved on a Secured Credit Card from Wells Fargo.

It's the same as the BofA Secured Credit Card, except the yearly fee is $18 instead of $29 for BofA.

After one year she can convert to a standard Credit Card.

https://www.wellsfargo.com/credit_cards/secured/

I also added her to my own Chase Credit Card, but it is still unclear to me if a 'joint' cardholder has the same rights when it comes to FICO score as the primary account holder. That's why we went the secured Credit Card way too.

[RonMay 1]

got something recent on my CC lol...

2 weeks ago we were at DIA (denver int'l airport) waiting for flight to florida when out of the blue we approached this sales person and asked what they're screaming about... free t-shirts and free plane tickets anywhere in the US... of course they're actually inviting you to join their united mileage credit card or something... my husband told them well we just closed down our business and we're actually jobless for the moment lol... but the lady said just try it anyways. so my hubby asked me if i wana sign up knowing we wana build my credit... so i did... put there self-employed lol... and my annual income which by the way i made up some numbers lol (we filed ITR jointly so not sure if both of our income is required or not)... didnt expect i get approved but 2 weeks later i received a mail from them w/ a card that has $7000 credit line... that was a surprised lol... its under chase bank and i guess they have a change of heart since they deny me before lol... so right now i have 3 CC's but i need to closed my capital one since there's only $750 credit line in it and im happy w/ only one or 2 CC's... less cc, less worries and urges to buy things you cant afford lol...

Edited March 11, 2009 by RonMay

[rheanick 42]

got something recent on my CC lol...

2 weeks ago we were at DIA (denver int'l airport) waiting for flight to florida when out of the blue we approached this sales person and asked what they're screaming about... free t-shirts and free plane tickets anywhere in the US... of course they're actually inviting you to join their united mileage credit card or something... my husband told them well we just closed down our business and we're actually jobless for the moment lol... but the lady said just try it anyways. so my hubby asked me if i wana sign up knowing we wana build my credit... so i did... put there self-employed lol... and my annual income which by the way i made up some numbers lol (we filed ITR jointly so not sure if both of our income is required or not)... didnt expect i get approved but 2 weeks later i received a mail from them w/ a card that has $7000 credit line... that was a surprised lol... its under chase bank and i guess they have a change of heart since they deny me before lol... so right now i have 3 CC's but i need to closed my capital one since there's only $750 credit line in it and im happy w/ only one or 2 CC's... less cc, less worries and urges to buy things you cant afford lol...

Wow. That's great. Thanks for sharing.

We are going to florida this april. Unfortunately, denver is not our stop-over. Hope i would be able to stumble with something similar.

[CuriousGuy 0]

.. so right now i have 3 CC's but i need to closed my capital one since there's only $750 credit line in it and im happy w/ only one or 2 CC's... less cc, less worries and urges to buy things you cant afford lol...

Might I suggest NOT closing it. Just put it in your safe, or lock it up. Pay it down to zero. That way, it helps your debt-to-income ration on your credit report, plus, there's a card which will show zero-balance. Plus, with little activity, they may lower your interest rate after a while to 'bait' you into using it again.

[rheanick 42]

.. so right now i have 3 CC's but i need to closed my capital one since there's only $750 credit line in it and im happy w/ only one or 2 CC's... less cc, less worries and urges to buy things you cant afford lol...

Might I suggest NOT closing it. Just put it in your safe, or lock it up. Pay it down to zero. That way, it helps your debt-to-income ration on your credit report, plus, there's a card which will show zero-balance. Plus, with little activity, they may lower your interest rate after a while to 'bait' you into using it again.

Yeah, I read about closing your credit card could have a bad effect on your file. They suggested to keep it open and use it to pay one of your utility bill. Like, that particular credit card assigned for phonebill and with money automatically transfering from your savings account to your credit card. It would still help to build up your credit.

[RonMay 1]

.. so right now i have 3 CC's but i need to closed my capital one since there's only $750 credit line in it and im happy w/ only one or 2 CC's... less cc, less worries and urges to buy things you cant afford lol...

Might I suggest NOT closing it. Just put it in your safe, or lock it up. Pay it down to zero. That way, it helps your debt-to-income ration on your credit report, plus, there's a card which will show zero-balance. Plus, with little activity, they may lower your interest rate after a while to 'bait' you into using it again.

you're probably right... although we always pay full in our credit cards down to zero (so far lol)... but i guess it doesnt hurt to keep the capital since we hardly even use CC's anyways we prefer debit. but u just never know either ... i'll tell my hubby and if he's ok w/ it then its a go!